Major data breaches put consumers on edge in 2018, bolstering concerns about their financial information’s security. In fact, 53 percent of those in the U.S. reported being “very” or “extremely” concerned that their personal data had been exposed by a breach, as digital identity...
During the 35-day U.S. government shutdown, federal credit unions had thousands of members without paychecks, with no end in sight. Ricardo Chamorro, EVP at D.C. area-based PenFed Credit Union, tells PYMNTS that keeping its affected members afloat meant applying lessons learned from weathering more than...
From cannabis legalization to the federal shutdown, government actions are reshaping financial circumstances for consumers and businesses alike. In the March “Credit Union Tracker™,” PYMNTS explores how credit unions (CUs) and credit union service organizations (CUSOs) are working to cater to the unique financial needs of their...
Credit unions have spent decades cementing loyalty among consumers, so much so that a majority of consumers wouldn’t switch for another type of financial institution. However, in the age of FinTech upstarts, CU execs should beware complacency. In the latest Data Drivers, PSCU CEO Chuck Fagan...
Credit union (CU) customers are more than just customers: They are members of a wider community. This sense of belonging and inclusion is precisely why consumers gravitate toward CUs. In fact, 65 percent of CU members choose to bank with their respective CUs because they...
There is no shortage of headlines about the partial government shutdown that is now on its 27th day, and no shortage of articles speculating how long it will go on, what will be affected and (most often) what it will take to finally bring it to an...
It may come as no surprise to readers that, when asked about what influences the use of one payment method over another, credit union (CU) customers said it comes down to convenience and security. It’s an interesting outcome, PSCU’s Chief Risk Officer Jack Lynch noted,...
Credit unions (CUs) aren’t law enforcement agencies by design. However, anti-money laundering (AML) regulations like the Bank Secrecy Act can force CUs into the uncomfortable position of acting as one, says Colleen Kelly, senior federal compliance for the Credit Union National Association. In the latest...
Communication and engagement with members is an essential part of any credit unions’ (CUs’) retention strategy. Recently, though, many CUs have turned to technology-driven solutions to help members more efficiently communicate their needs and feedback. However, their members are not the only ones with whom...
